Lease Option problems - Posted by Hugh

Posted by John Merchant on August 29, 2003 at 15:52:59:

You don’t clearly state what you’d be going to court, for.

If to enforce their lease, or evict if they don’t pay up, I’d say do it, if your lease agreement is clear and unquivocal that they do owe x$X, have not paid that, and are now illegally squatting in the RE.

If to enforce their purchase, I’d say forget it, make some kind of settlement with them, then move on.

Even if you have to give them some of their money back, in order to get the RE back, undamaged, wouldn’t that cost you less than having to sue them, then evict them, etc.? I’ve seen irate, nutty tenants do all kinds of evil and destructive things to RE just before the Sheriff arrived to toss them.

Courts rarely enforce a Purchase, whereas they regularly enforce a Sale. In other words, you as the would-be seller, probably would not win/prevail in a suit for specific performance to require them to buy your RE.

And think about this: even if you won, do you really want to continue to have to deal with those people on any kind of note carry-back, etc.? I doubt it.

As a lawyer friend of mine says, very accurately, to his & his clients’ being-evicted tenants:

“Look, even if you were to win this eviction suit, how do you think future prospective landlords of other properties are going to view you as their tenants? So do you think even winning against me/my clients will really be any kind of victory for you? Does your next LL want the kind of tenant who may sue him and BEAT him?”

Lease Option problems - Posted by Hugh

Posted by Hugh on August 29, 2003 at 14:30:30:

Where do I go from here? I leased a house to a couple, all notorized with the lease and Option separated. I worked with them to put together a promissary note for $2000. down payment, and this was included in the payment. They now after 6 months wanted out of the deal, but I have explained that the note was separate from the lease and that it is due. They also owed 2 months for rent. What letters are available to send to them,before I go to court for this?